Home improvement is the process of repairing, remodeling, renovating, and building additions to one’s home. This may include interior and exterior work such as electrical and plumbing work, painting, plastering, landscaping, and garage maintenance or additions.
Many people choose to undertake home improvement projects for a variety of reasons. They may wish to improve their living space or increase the value of a home, make repairs and improvements for safety purposes, or upgrade their home’s energy efficiency.
The average American household spends about $624 billion on home repair and improvement projects every two years, according to the 2021 American Housing Survey. This is an increase of 40% from the same period a decade ago, when the average American homeowner spent about $300 billion on home repairs and upgrades.
In today’s economy, home improvement is more than just a moneymaker; it’s an investment that can provide a sense of security and comfort for families and their communities. In fact, according to the American Society of Home Inspectors, spending on home improvement has grown more than other consumer sectors over the last decade.
While it’s not a necessity, updating your house for energy efficiency can help to lower your bills and save you money in the long run. Moreover, an energy-efficient home is a more attractive prospect to potential buyers who are seeking a way to cut their utility costs.
Another reason for investing in energy-efficient upgrades is to improve your home’s resale value if you decide to sell it down the road. Investing in energy-efficient appliances, windows, and insulation can add value to a property and be a selling point for buyers.
If you’re planning to remodel your bathroom, make sure the materials you use are a good match for your home’s current resale value. It’s common to see homeowners overspend on bathroom renovations, and that can reduce the resale value of their home.
Likewise, installing a hot tub or an expensive fountain in your backyard won’t add much to your resale value and could make it difficult for you to get your money back if you ever decide to sell.
The best thing to do if you’re planning on adding a new bedroom or bathroom is to consult with a real estate agent. He or she can help you pick out flooring, paint and other home improvements that will give your home the most bang for your buck.
A quality realtor can also help you determine if your home is ready to be sold or if there are any problems that should be addressed before putting it on the market. You can also seek advice from a home staging specialist to create the best first impression for your home and to boost its resale value.
In the wake of COVID-19, the government’s emergency measure that has pushed up home prices, fewer Americans are buying homes than ever before. This has led to a surge in the number of homeowners who are making repairs and renovating their existing properties, instead of jumping at the chance to move into a new home. The majority of these homeowners are looking to renovate or expand their current home, and more than half of them are considering doing so within the next two years.